Overnight Summary: The SP 500 closed Tuesday lower by -0.21% at 5051.41 from Monday lower by -1.20% at 5061.62. The overnight high was hit at 5,117 at 6:50 a.m. while the overnight low was hit at 5075.75 at 2:05 a.m. EDT. The range overnight is 42 points as of 8:00 a.m. EDT. Currently, the S&P 500 is higher by +10 points at 8:10 a.m. EDT.
- The latest Federal Reserve Beige Book is due out at 2:00 p.m. EDT.
- There is a 20-Year Bond Auction at 1:00 p.m. EDT.
- Beats: UAL +0.43, OMC +0.13, HWC +0.06, FULT +0.01, IBKR +0.01.
- Flat: None of note.
- Misses: JBHT -0.28.
Capital Raises:
- IPOs Priced or News:
- New SPACs launched/News:
- Secondaries Priced:
- Notes Priced of note:
- Common Stock filings/Notes:
- MEG files 3 million share common stock offering.
- ITCI begins a $500 million stock offering.
- TCRX begins a $125 million stock offering.
- APG begins a 11 million share stock offering.
- AUVI files 518,065 shares of common stock.
- IBIO files 10.574,556 shares of common stock.
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- MESO files a 58 million share offering represented by 5.8 million from selling shareholders.
- Private Placement of Public Entity (PIPE):
- Mixed Shelf Offerings:
- ITCI files mixed-shelf offering.
- UHT files a $100 million offering.
- Debt/Credit Filing and Notes:
- SIX files a private offering of $850 million of Senior Secured Notes.
- Tender Offer:
- Convertible Offering & Notes Filed:
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close :
- After Hours Movers:
- UAL +5.8%, ALVO +3.7%, MESO +3.4%, ALK +2.9%, HWC +2.8%, CDNA +2.2%.
- JBHT -5.4%, APG -2.9%,
- News Items After the Close:
- United (UAL) guides FY24 to $9 to $11 from estimates of $9.43/
- Autodesk (ADSK) updates on delayed 10-K filing.
- Take-Two Interactive (TTWO) to cut 5% of its workforce.
- Exchange/Listing/Company Reorg and Personnel News:
- CareDX (CDNA) names John Hanna as CEO.
- Buyback Announcements or News:
- Stock Splits or News:
- Dividends Announcements or News:
What’s Happening This Morning: Futures value reflects the change with fair value.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Technology of note.
- Daily Negative Sectors: All others of note led by Real Estate, Utilities, Materials and Energy.
- One Month Winners: Energy, Communication Services, Basic Materials and Industrials of note.
- Three Month Winners: Energy, Technology, Communication Services, Industrials and Materials of note.
- Six Month Winners: Technology, Financials, Industrials and Communication Services of note.
- Twelve Month Winners: Technology, Communication Services, Consumer Cyclical and Financial of note.
- Year to Date Winners: Communication Services, Technology, Energy, Industrials and Financials of note.
Upcoming Earnings Of Note:
- Wednesday After the Close:
- Thursday Before the Open:
Earnings of Note This Morning:
- Beats: ASML +0.35, CFG +0.08, USB +0.06, BKU +0.05, ABT +0.03, FHN +0.02, .
- Flat: None of note.
- Misses: TRV -0.23 of note.
- Still to Report: PLD of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative Guidance: ASML of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: UAL +5.5%, GENE +5%, BCRX +3.5%, XPEV +3.5%, RIO +3.1%, CDNA +2.7%, VALE +2.6%, OMC +2.6%, BVN +2.3%, AAL +2.1%, TEVA +2%of note.
- Gap Down: FULT -6.9%, JBHT -4.9%, ADSK -3.5%, ASML -3.5%, MEG -3.2%, APG -2.9%, ACRV -2% of note.
Insider Action: No stock see Insider buying with dumb short selling. AINC sees Insider buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- 5 Things To Know Before the Stock Market Opens Today. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Bloomberg Lead Story: Tesla (TSLA) Asks Shareholders to Approve Musk’s $56 Billion Pay Again. (Bloomberg)
- Stocks advance as earnings return to center stage: Markets Wrap. (Bloomberg)
- President Biden seeks higher tariffs on Chinese steel and aluminum. (Bloomberg)
- Risk of recession is minimal says IMF economist. (CNBC)
- FTC looks to block Tapestry’s (TPR) bid for Capri Holdings (CPRI).
- Eli Lilly’s (LLY) weight loss drug Zepbound shows promise as sleep apnea treatment. (CNBC)
- Bloomberg: Daybreak Podcast: ASML falls as chip machine orders fall. (Podcast)
- Marketplace: Scientists trying to prevent “forever chemicals” from being a forever problem. (Podcast)
- NY Times Daily: Are “forever chemicals” a forever problem? (Podcast)
- Wealthion: Bitcoin Halving what does it mean? (Podcast)
- Adam Taggart’s Thoughtful Money: Gold is at an all-time high, what does that mean? (Podcast)
Moving Average Update: Score remains at 20%.
Geopolitical:
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 9:30 a.m. EDT
- The President departs Scranton, Pennsylvania en route to Pittsburgh, Pennsylvania, 11:20 a.m. EDT
- The President arrives in Pittsburgh, Pennsylvania, 12:15 p.m. EDT
- The President greets with steelworkers, 12:45 p.m. EDT
- The President delivers remarks, 1:45 p.m. EDT
- The President departs Pittsburgh, Pennsylvania en route to Joint Base Andrews, 4:00 p.m. EDT
- The President departs Joint Base Andrews en route to the White House, 5:00 p.m. EDT
- The President arrives at the White House, 5:10 p.m. EDT
Economic:
- April Federal Reserve Beige Book is due out at 2:00 p.m. EDT
- Weekly Mortgage Applications rose +3.3% this morning.
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Federal Reserve / Treasury Speakers:
- Federal Reserve Cleveland President Loretta Mester speaks at 5:30 p.m. EDT.
- Federal Reserve Governor Michelle Bowman speaks at 6:30 p.m. EDT.
M&A Activity and News:
- Oil-Dri (ODC) to buy private company Ultra Pet Company for $46 million.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bloom Burton Healthcare Conference
- Kemper Life Sciences Conference
- Piper Sandler Spring Biopharma Symposium
- Stifel Target Oncology Forum
- Truist Securities Insights into Innovation
- William Blair Stars Track at the ASU+GSV Summit
- Top Shareholder Meetings: None of note.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: ICU RGLD
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- SS&C Deliver Europe Conference
- Industry Meetings:
- American Academy of Neurology Meeting
- International Cannabis Business Conference
- Tech Talk on Splunk
- Spinal Cord Injury Investor Symposium
- World Congress Experience
Top Tier Sell-side Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
Today’s Upgrades and Downgrades:
